AmREIT, Inc., announced today that it has completed the acquisition of the Preston Royal Village Shopping Center, located at the northeast and northwest corners of Preston and Royal in the highly affluent Preston Hollow submarket of Dallas, Texas.
H. Kerr Taylor, AmREIT’s CEO, commented: “With average household incomes over $264,000 within a one-mile radius, this retail center has been on our target list for many years. We are delighted to have been able to execute this transaction “off-market” directly with Preston Royal Realty Company, a Texas joint venture, for the acquisition of the Preston Royal Village Shopping Center. The northwest corner of Preston Royal Village was developed in 1958 by a partnership that included Henry S. Miller, Trammell Crow and Bob Cullum, one of the founders of Tom Thumb supermarket chain. The partnership acquired the northeast corner in 1965, and the same group continued to operate the center until the sale to AmREIT. We believe this is an excellent Irreplaceable Corner TM to add to our portfolio, and we look forward to continuing to improve the property to solidify its position as the preeminent shopping center in the market.”
Preston Royal Village is a 229,920 square foot grocery-anchored shopping center that is 97% leased and occupied. The northwest corner of Preston and Royal is anchored by Tom Thumb (Safeway) and includes tenants such as Chico's, Barnes & Noble, Pinkberry and Dougherty's Pharmacy (an original tenant of the shopping center). The northeast corner of Preston and Royal is unanchored and includes tenants such as Bank of America, Starbucks, Omaha Steaks, Einstein Bagels, and Fed-Ex/Kinko's. Preston Royal Village is located at a signalized intersection in an infill location with high barriers to entry and a dense daytime and nighttime population, which produces traffic counts of over 68,000 cars per day. The shopping center benefits from over 97,000 people living within a three-mile radius of the property, daytime employment within the same radius of over 131,000 and average household income of over $264,000 within a one-mile radius, according to Sites U.S.A.